by Michael Krieger, Liberty Blitzkreig:
For a while there it was looking as if the market might actually make its high and move lower before Wall Street and corporate insiders were able to hand the bag over to the suckers in retail. It looks like that was just wishful thinking, as new stats show the retail sheep taking stock from the oligarchs at the highs as usual. I guess the more things change the more they stay the same. From Bloomberg:
Corporate executives are taking advantage of near-record U.S. stock prices by selling shares in their companies at the fastest pace in two years.
There were about 12 stock-sale announcements over the past three months for every purchase by insiders at Standard & Poor’s 500 Index (SPX) companies, the highest ratio since January 2011, according to data compiled by Bloomberg and Pavilion Global Markets. Whenever the ratio exceeded 11 in the past, the benchmark index declined 5.9 percent on average in the next six months, according to Pavilion, a Montreal-based trading firm.